Global pet bottle market to hit $133m by 2030 – report
By Felicia Nwosu
Data Bridge Market Research has projected that the polyethylene terephthalate (PET) bottle market, which was valued at USD 95,400 million in 2022, will reach USD 132583.69 million by 2030, growing at a CAGR of 4.20 percent during the forecast period of 2023 to 2030.
Data Bridge Market Research said this came as a result of some key factors propelling global rise in demand for PET containers, particularly from the food and beverage industry, and the increase in demand for frozen and processed foods. It also confirmed that it is based on a holistic view of the market insights gathered on scenarios such as market value, growth rate, segmentation, geographical coverage, and major players.
According to the research body, this is coming from the premise that, PET bottles outperform PP, HDPE, and PVC bottles in terms of durability, transparency, weight, non-reactivity, affordability, and thermal stability. It also attributed it to the fact that pet bottles are cost-effective during production due to its eco-friendly feature and a high recycling rate.
While commending the gradual transformation of PET bottles into a multi-purpose production tool for various brands especially in the fast-moving consumer goods, beauty, personal care, pharmaceuticals such as medicines and other products, Data Bridge believes PET has prospect for further growth globally.
From its analysis, the research is convinced that rapid economic growth and production pattern as well as the increasing consumption of carbonated drinks, juices, health drinks etc., will further fuel demand for PET bottles for packaging and will support its revenue growth.
It however advised that stringent government regulation regarding usage of plastic as well as increasing demand for eco-friendly packaging solutions may hamper growth.
regional insights gathered, showed that changing lifestyle of urban population, growing urbanization and increasing disposable income and demand for premium packaged products are factors responsible for the growth of the sector. Also, some of the major key players ruling the market especially in Asia Pacific Market, will also register significant growth the research foresees..
The report showed that the region has strong presence of various PET bottle manufacturers and cost of production is lower as compared to other, which is a major factor expected to further drive growth the target market.
Meanwhile, it predicted that Markets in Europe, Latin America, and Middle East & Africa will be experiencing a moderate growth during the forecast period.
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